It is amazing to see software that is about 10 years old just hitting 1.0. Never really quite understood that. Is the developer just not confident in it that it is in beta for a while? or is it just a style of versioning? Anyways glad to see development on handbreak.Great software!
You develop and test as fast as you have time to. HandBrake probably does not bring money to its developers, so the pace is inherently limited.
To give an example, it took VLC a long time to reach version 1, yet even in its 0.x releases it was amongst the best video players available (in terms of features, performance and stability), better than many other closed-source competitors with higher version numbers.
In other words, aside from libraries and programming languages (where major version numbers do have extra significance), version numbers are only loosely coupled to software quality.